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In both Micro and Macro Economics, the calculation can be made mathematically as shown in Figure 1 below. Simply measure what is lost in making a choice and divide it by what is gained from making the choice. Regardless of the situation, Opportunity Cost calculation is an activity that is ...
Production Possibilities Curve Definition in Economics The production possibilities curve (PPC) is a method used to describe how two commodities are related to each other in terms of the ability to produce both within an economy. It is also called the production possibilities frontier (PPF). Since...
fundholding (redirected fromfundholders) Encyclopedia (ˈfʌndˌhəʊldɪŋ) n (Economics) (formerly, in the National Health Service in Britain) the system enabling general practitioners to receive a fixed budget from which to pay for primary care, drugs, and nonurgent hospital treat...
MRT is theabsolute valueof the slope of the production possibility frontier. For each point on the frontier, which is displayed as a curved line, there is a different marginal rate of transformation. This rate is based on the economics of producing the two goods. ...
UNIT I INTRODUCTIONThe themes of economics – scarcity and efficiency – three fundamental economic problems– society’s capability – Production possibility frontiers (PPF) –Productive efficiencyVs economic efficiency – economic growth & stability – Micro economies and Macro economies– the role of ...
1.the preparation of medicines.He is studying pharmacy.farmacia 2.a shopetcwhere medicines are sold or given out.the hospital pharmacy.farmacia ˌpharmaˈceutical(-ˈsjuːtikəl)adjective farmacéutico ˈpharmacistnoun (Americanˈdruggist) a person who prepares and sells medicines; a ch...
If a concept has not stood the test of time, it is obvious that it might have received serious criticism or even worse, outright rejection. Let us understand the opponents of economies opting to strive towards autarky equilibrium. Adam Smith, the father of modern economics, is considered one ...
Pareto Efficiency, a concept commonly used in economics, is aneconomic situationin which it is impossible to make one party better off without making another party worse off. Understanding Pareto Efficiency To clearly understand the concept of Pareto Efficiency, it is important to introduce the conce...
In my country,we have an option of choosing our own subjects for high school.I have chosen physics,chemistry,biology and economics.So I don't get to study any high school math.For getting admission in college for a biology course,I have to take this SAT even though I hate math and asp...